Independent News & Media is in a race against time in a bid to secure a deal to sell the Independent titles to Alexander Lebedev ahead of announcing financial results for 2009 tomorrow.

INM senior executives, who have been locked in protracted negotiations with the Lebedev camp for the best part of a year, are keen to be able to announce the deal to shareholders alongside a financial strategy for the media group.

The two parties are working hard to close a deal tonight, with the hope in the INM camp that if a deal can be finalised tonight an announcement can be made officially to the stock market tomorrow morning.

"It appeared to be a done deal yesterday, however today legal wrangles are continuing," said one source. "There is an expectation it will be completed [by tomorrow] but Lebedev doesn't care about INM's [self-imposed] results [deadline]".

Part of the deal with bondholders-turned-shareholders, who own 46% of INM after agreeing a rescue package to repay €200m (£173m) debt last year, has been an agreement to secure a deal to offload the loss-making papers as soon as is practically possible.

However the signing of a deal, which has precipitately been reported as having been concluded numerous times in recent weeks, still hangs in the balance as Lededev continues to push for better terms in renegotiations over a series of contracts.